Maersk upbeat on container market, augurs well for economy

COPENHAGEN | By Teis Jensen

The MV Maersk Mc-Kinney Moller, the world's biggest container ship, arrives at the harbour of Rotterdam August 16, 2013.

Reuters/Michael Kooren

COPENHAGEN Danish shipping and oil group A.P. Moller-Maersk (MAERSKb.CO) raised its earnings forecast after a strong third quarter, pointing to an upturn in the container shipping market that should augur well for the global economy.

The group's Maersk Line unit, the world's largest container shipping line and accounting for about 50 percent of group revenue, said its transported volumes rose 11 percent in the third quarter.

The business is seen as a bellwether for the global economy as its vessels make up around 15 percent of the world's container shipping capacity.

"The global market showed encouraging growth of around 5 percent in Q3... showing early indications of demand picking up," Maersk said on Wednesday in its earnings report.